TY  - UNPD
A1  - Heiniger, Sandro
A1  - Koeniger, Winfried
A1  - Lechner, Michael
T1  - The heterogeneous response of real estate asset prices to a global shock
N2  - We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the municipal level for identification. In contrast to evidence for other countries, we find that the pandemic had only temporary negative effects on rents for some real estate types and increased asset prices of real estate particularly in the top price segment of commercial real estate.
T3  - CFS working paper series - No. 690 
KW  - Real estate
KW  - Asset prices
KW  - Rents
KW  - Covid pandemic
KW  - Short-time work
KW  - Affordability crisis
Y1  - 2022
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/68146
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-681462
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4363179
N1  - We acknowledge support by the SNSF, Switzerland under project number 1000018-200917.
N1  - JEL-Klassifikation: G51: Household Savings, Borrowing, Debt, and Wealth
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -